Unclaimed money is money that goes unclaimed, usually due to the owner of the funds failing to collect it, such as investment dividends, forgotten bank accounts, or the proceeds of a sales transaction. Unclaimed money generally comes with no strings attached, and has the potential to offer a financial windfall to the person who finds it.
Unfortunately, few people understand the process of claiming unclaimed money, and even fewer are aware that they might be owed such funds. This article will provide information on the best ways to know if unclaimed money is due to you.
Sourcing Unclaimed Money
One of the best ways to know whether you may be owed unclaimed money is to use a search engine or website to help locate funds in your name. Numerous search engines exist to help locate unclaimed money, such as Missing Money, Unclaimed.org, and the National Association of Unclaimed Property Administrators (NAUPA). To start a search, you will need to provide personal information including your name and last known address.
For any funds located under your name, you will need to mail in a written, notarized claim along with proof of your identity, or you may be required to visit a state agency in person. It’s important to note that when searching online, there is a statute of limitations associated with filing a claim in your state related to it.
Government Agencies
It’s also possible to check with government agencies regarding unclaimed money. Federal and state governments have many incentives and programs that are designed to help those who are entitled to an unclaimed asset recover it. For unclaimed federal funds, a search can be conducted with the U.S. Treasury Department at treasury.gov. To check for state-specific unclaimed funds, you can use the state treasurer or comptroller website or the NAUPA.
In addition, many states actively maintain a database of unclaimed money and assets. These databases are another great way to locate assets that may have been forgotten or unclaimed. They also offer other services, such as providing information regarding how to file a claim, or details of asset auctions.
Family Assets
One of the best ways to learn if you are owed unclaimed money is to talk to friends and family, as they may have information regarding assets you may have forgotten of which you are the rightful owner. Ask them if they have ever heard of money left behind by you, or funds that you may have left unclaimed.
Banking
Furthermore, there are certain organizations, such as banks, financial institutions and insurance companies, which are required to turn over funds or assets to the state when the owner has not claimed them within a certain time frame. Checking with these institutions to see if they are in possession of any funds or assets you may have forgotten about may be a good idea.
Talk With A Professional
Finally, if you need help finding or claiming unclaimed money, a professional unclaimed money specialist or lawyer can work with you to access these funds. Such professionals are often familiar with the legalities and paperwork associated with reclaiming money, and can help manage the process.
Final Thoughts
Unclaimed money can often be a great windfall to those who find it, yet few understand the process of searching for and reclaiming it. Utilizing the methods outlined in this article can help you to know if you are owed unclaimed money, and to begin the process of reclaiming your financial asset.
